St. Louis Property Managerhttp://edwardodaniel.com
Sat, 15 Jul 2017 12:48:18 +0000en-UShourly14 Tips For Choosing a Property Managerhttp://edwardodaniel.com/4-tips-choosing-property-manager/
Wed, 21 Jun 2017 15:10:34 +0000http://edwardodaniel.com/?p=35818Many companies are available to do rental management, but not all work with the same process. Finding a good property management company is critical. This is not an area you want to choose to save costs but quality. The building is an investment, and there is nothing worse than losing your investments as a result…

]]>Many companies are available to do rental management, but not all work with the same process. Finding a good property management company is critical. This is not an area you want to choose to save costs but quality. The building is an investment, and there is nothing worse than losing your investments as a result of bad property managers.

Well, that’s why to hire someone to manage your investment is a very important decision you need to make, so you must do your research before choosing a rent manager. Important tips to consider include the organization, honesty and a real experience.

Here are some tips that will help you find the best rent manager for your property.

Get references from different sources

There are some things that you’ll never be able to learn about a company while you are a buyer, so the best way to discover these things before you become a customer is to ask those who are already doing business with the company. You will be able to see if the company takes additional measures to be the best.

Reference may be biased. This is why it is important to get references from different sources. If you hear the same thing about a specific rental manager several times, whether it is good or bad, there is a greater chance that this is true.

Interview several managers of the facility

When interviewing your rent management company, you should not be afraid to ask the experiences and beliefs of other property owners on how they manage the previous asset. The company will be responsible for investment in the entire property and wants to make sure that they are well equipped to handle responsibility.

Having interviewed 1-2 rental managers, you must choose one, do not give your property to several managers and say anyone who brings tenants first gets the job. They will simply take the first tenants who walk through the doors and convince them in order to get the job. This is not what you want, and you want to carefully choose the tenants so that the rent is paid on time and your property is supported. You can get your property rented in a week, but if the tenant fails to pay rent or trash the property that will cost more in the long run.

Check the license and certificate

Most states require that the property manager is authorized or has licensed asset management proof. You should check if your estate manager’s license is active.

You also want to know whether the company or the administrator is certified by commercial organizations, such as the Institute of National Apartment Association, National Association of private renters and others. These organizations offer certification after completing a tough training program.

Review property management agreement

The property management company’s agreement should clearly define the responsibility of the administrator of property and the property owner.

You should also pay special attention to the parts of the service provided, and the additional costs paid, the landlord responsibility, and respect for fair housing laws as well as the reasons for cancellation.

Dunamis Property Management is a St Louis property management company that offers reliable service to clients all around St Louis. The service Dunamis Property Management offer is very beneficial to all landlords, and if you need to ask any question about the service, please visit the official website at www.dunamispropertymanagement.com.

]]>Starting Your Rental Property Businesshttp://edwardodaniel.com/starting-rental-property-business/
Wed, 21 Jun 2017 15:08:24 +0000http://edwardodaniel.com/?p=35834It’s always advisable for any individual that wants to get into rental property management in St Louis is to understand that this is a business. Some people would just jump in and purchase a property without due diligence. Some individuals just get lucky and do just fine, while others miserably fail. There are various factors for…

]]>It’s always advisable for any individual that wants to get into rental property management in St Louis is to understand that this is a business. Some people would just jump in and purchase a property without due diligence. Some individuals just get lucky and do just fine, while others miserably fail. There are various factors for you to consider when you decide to go into the business of rental property management. Below are some of the factors to consider.

Educate Yourself

You should not just get into the rental property management business without first getting yourself educated. Research as much as you can. There are various resources about the rental business out there. There are podcasts, websites, books and just about any material you can find today. Learn and understand the terms, what they look for, the law. When you buy a property with no experience and little education, you will think it’s easy, that you will just buy a property, rent it out to a tenant and cash on the check every month. However, you find out that it’s not easy as it seems that you need to get an education, but learning from your mistakes can be pretty costly.

Determine Your Goals

You need to know the reason why you are going into the business of rental property management in St Louis. Are you going to the business for its mainly cash flow? Are you interested in increasing your net worth? Are you planning for your retirement? Do you want a specific return on your investment? It is important for you to determine what your goal is exactly as it will help ensure that you are purchasing the right property. For instance, if you want a positive cash flow in other to support your desire to move through move around the world, then you wouldn’t purchase the same property as an individual who wants to increase his net worth. You will want to purchase a property that has already tenant occupying it as opposed to buying a property that is sold below the value of the market and will need you to make it ready and built in equity.

Financial Analysis

For an individual who thinks he got a great deal on a house, he bought for rental purposes. When you ask him how he knew he got a great deal, then he could say he bought t for $10,000 less its original asking price. This probably is not the best way to analyze your investment. There are some factors you will have to take note of when doing an analysis. Most people only look at small things like the income and normal expenses like insurance and taxes.

What about the other things that are not as obvious such as management fees. Most people who manage their properties themselves do not include such. Three reasons why they should include such are:

Your time is worth something. Whether you manage yourself or not, your time has a value of dollar attached to it. You need to pay yourself something even if it’s on a paper.

Some banks include management fee when they analyze tour loan. What if, God forbid, something happens and they have to foreclose? Then the cost is to manage the property till they sell it.

When you’re ready to sell your property, what if the buyer isn’t planning on self-managing? Then they will add the fees for management, so it’s important for you to add it in now.

Every property is not the same and its expenses will vary. Every possible variable has to should be included in your analysis.

]]>Reason Why You Should Hire a Property Management Companyhttp://edwardodaniel.com/reason-hire-property-management-company/
Wed, 21 Jun 2017 14:47:25 +0000http://edwardodaniel.com/?p=35820Hiring a competent property management St. Louis company will add value that is significant to your investment, which is why most investors in the real estate business will advise you that a property management is worth looking at. Below are some reasons why you should hire a competent property management company. Higher Quality Tenants A property…

]]>Hiring a competent property management St. Louis company will add value that is significant to your investment, which is why most investors in the real estate business will advise you that a property management is worth looking at. Below are some reasons why you should hire a competent property management company.

Higher Quality Tenants

A property management St. Louis company that is experienced gets hundreds of applications daily and has the ability to get the real facts about potentials tenants and can analyze the facts for to know if those facts are accurate. By hiring a property management company to screen potential tenants, you will be shielded from rental scams and lawsuits that can result from screening process that is inconsistent. The most significant benefits of hiring a property management company is it saves your time, and you get to avoid bad tenants, lawsuits, and scam

Fewer costly and time-consuming legal problems

Experienced property owners know that a legal and financial headache can be caused by just a troublesome tenant. Hiring a good property management company will make sure you are not vulnerable to a future lawsuit because they are armed with the latest landlord-tenant laws.

Better tenant retention

It’s always easy to see the effects of a lost rent and there are also equally serious issues when the tenant turnover rate is equally high. You get to clean the property thoroughly, change the locks, repaint the walls and possibly make some repairs, market the property, and screen the tenants during a turnover process, which takes a lot of effort and time. The process can be averted by ensuring current tenants are happy and well taken care of. A property management company role is to have a great tenant’s retention policy that will ensure that tenants are kept happy.

Increase the value of the investment

You can achieve preventive maintenance by putting systems in place to deal with issues related to repair and maintenance very early before they become a problem that is large and costly. This system requires a written maintenance check program, regular maintenance visits, and detailed maintenance documentation. A property management company will provide suggestions and feedback on you’re the modifications and upgrade needed for your property, how they will both affect the rates of your rent, as well as the impact on the insurance and maintenance.

Lower maintenance and repair costs

Maintenance and repairs of a property ensures tenants are happy and ensure the investment value of your property is preserved. By hiring a property management company, you have the opportunity to gain access to their maintenance staff, as well as their network of professional, insured and bonded contractors who have vetted for their quality work and good pricing. This can help you save money compare to hiring a handyman for repairs. A property management company not only gives you discount on the work, they also have the knowledge about the contractors and the maintenance issues, which gives them the opportunity to intelligently supervise the work.

]]>Rental Property and Pets – Yes or No?http://edwardodaniel.com/rental-property-pets-yes-no/
Wed, 21 Jun 2017 14:47:24 +0000http://edwardodaniel.com/?p=35824If you are a property manager in St. Louis, then you know that there are more individuals who are lifestyle renters, that is, they want a property to look like they own it and rent for a long time or at times forever. Most tenants will not rent a property where pets are not allowed…

]]>If you are a property manager in St. Louis, then you know that there are more individuals who are lifestyle renters, that is, they want a property to look like they own it and rent for a long time or at times forever. Most tenants will not rent a property where pets are not allowed as they consider their pets to be part of their family. Some individuals actually consider their pets as their family member not just parts of their family, because they haven’t had children yet or they are not planning to have.

The experience of a property manager in St. Louis is that majority of the tenants want to maintain their property and do the right thing when they have a pet. They want to ensure that they can keep their pets safe and healthy when they have a quality home where their pet can stay. They clean up the mess of the pets, its surroundings to controlled fleas, and ensure their pet is kept clean. When applying to rent a property, you can be asked for a pet reference and photos of your pet by the property manager, so that they can ensure that the sleeping living arrangement for your pet is catered for. As a tenant, you will also want to ensure that the property is free of flea for your own comfort as well as the management of their home, which will make up part of the lease agreement.

As property manager, you should consider that not just dogs and cats are considered as pet, before rejecting all pets. Times are now changing, families now have fish, birds, rats and mice, guinea pigs and so on, as traditional pets. These days, it’s common to have lizards and snakes as pet, so as a property manager, it’s advisable not to advise “sorry no pets” in the marketing of your home. You should wait see what people consider as pets before you make a decision. It has also been discovered that most landlords consider pets as an advantage, as the number of people viewing their home increasing. When a tenant with pets rents a property, it has been discovered that they tend to stay longer, so you should bear in mind that pets are also part of an extended family. It also decreases the costs of changing tenants.

Everyone has experienced something that has changed their views. This could be a bad experience, for instance, damaged caused by a pet, noise of the dogs next door or fleas left by a previous tenant. However, ownership of pets is considered to be much more responsible these days, and the minorities are the individuals who do not look after the properties.

]]>Security Depositshttp://edwardodaniel.com/security-deposits/
Wed, 21 Jun 2017 14:47:22 +0000http://edwardodaniel.com/?p=35830Companies specialized in property management in Saint Louis Mo are regulated by the state of Missouri, and they are required to hold the security deposits in a bank account that is separate. This is one of the reasons why they require tenants to pay their rent and make deposits on a separate check at a…

]]>Companies specialized in property management in Saint Louis Mo are regulated by the state of Missouri, and they are required to hold the security deposits in a bank account that is separate. This is one of the reasons why they require tenants to pay their rent and make deposits on a separate check at a lease signing. This helps keep the record straight. The state of Missouri has regulations regarding security deposits that help protect both the property owner and the tenant. However, one of the things most property owners fail to realize or won’t accept is that the security deposit belongs to a tenant. The property owner may hold it, but it still belongs to the tenant.

For instance, you cannot charge a tenant for usual common wear and tear. The usual wear and tear is a subjective topic and if challenged by property owner, they need to be prepared to defend their assessment. A good suggestion is to talk with other property owners that have also faced the same issues to learn more about the experience they had. Another regulation also states that security deposits can be used for the last month’s rent. The tenant may not use the security deposit to pay for the rent of the last month unless the property owners agrees to that. And if they try to, then the rent is considered to be late and late fees are charged. This allows companies specialized in property management in Saint Louis Mo to bill them for the late fee, and it will show in their system that the rent for last month was not paid, and they have an outstanding balance. You as a tenant might say that it does not matter, you probably may not get the money anyway, but if you are used as a reference by another tenant, you will not be giving a very good reference.

The security deposit is a tenant’s money that a property owner is holding in escrow. Property managers are so particular about the money of the tenant that some of them do turn down some property managers that won’t allow them manage the tenant’s money. The state regulations states that the security deposit should be refunded back to the tenant or get an explanation of the reason why the funds was held back within 30days of vacating the property. If this does not happen, the tenant may sue for amount twice the one owed to them.

What should be the fee for security deposit be? The state of Missouri does not allow a fee more than twice the rent fee. Some property managers do post the minimum security deposit on their website. Some may just charge the fee on their website or may charge more when there is a problem with the tenant’s background check.

]]>Tenant and Landlord Responsibilities for a Rental Propertyhttp://edwardodaniel.com/tenant-landlord-responsibilities-rental-property/
Wed, 21 Jun 2017 14:47:19 +0000http://edwardodaniel.com/?p=35838St Louis property management and leasing companies offer residential properties and commercial properties for lease in St. Louis. Individuals who lease these properties are known as tenants. When an individual rents a property, the basic responsibilities and rights of the landlord and the tenant are disclosed in the lease agreement. In other to avoid issues…

]]>St Louis property management and leasing companies offer residential properties and commercial properties for lease in St. Louis. Individuals who lease these properties are known as tenants. When an individual rents a property, the basic responsibilities and rights of the landlord and the tenant are disclosed in the lease agreement. In other to avoid issues that will led to confusion or legal disputes, they both need to be aware of their rights and responsibilities.

As a tenant or a landlord, you should have a fair understanding of your rights and responsibilities required of you, so that you can have a pleasant and peaceful rental experience.

Types of Tenancy Agreement

There are two main types of tenancy agreement which are, the Lease Agreement and the Lease and License Agreement. The lease agreement allows the tenant to own the property for an undefined period of time. This becomes a large problem when a tenant wouldn’t vacate the property and the only solution might be to take this problem to the court, which might take a very long time of several years to get a judgment. The license agreement, however, is more feasible as it comes with conditional agreement of owning the property for a period of time that is limited with an option of renewing with certain changes in rent and stay. This is the most popular agreement which most of the st louis property management and leasing companies choose.

Responsibilities Both Tenant and Landlord Should Share

A tenant that is responsible will pay off the rent and other rental fees associated, within the mentioned time period according to the lease agreement. If by any chance, a tenant fails to pay the rent within the stipulated period of time, the tenant in may be subjected to eviction.

Correspondingly, the landlord should also share some responsibilities. The st louis property management and leasing company will provide a rent receipt as a proof of payment to the tenant. The tenant has the right to complain to the consumer court if a landlord fails to provide the rent receipt. In such case, after listening to both case, the court asks the landlord to compensate the tenant. A tenant has the right to ask for bank particulars of the landlord to deposit the rent money. If such form of payment is not available, the tenant can choose to deposit the same through other means. If a landlord wants to increase the rent fee, he/she should give notification to the tenant earlier. A formal notice should be sent bearing the signature of the landlord.

]]>The 7 Most Important Parts of the Application Process When Renting a Propertyhttp://edwardodaniel.com/7-important-parts-application-process-renting-property/
Wed, 21 Jun 2017 14:47:18 +0000http://edwardodaniel.com/?p=35841Most St. Louis property management companies ensures that application for renting a property will go through a process that is standard whether submitted via a hard copy or online via a website in other to determine if the applicant is eligible. Below are some criteria considered by most property management companies. These criteria are always…

]]>Most St. Louis property management companies ensures that application for renting a property will go through a process that is standard whether submitted via a hard copy or online via a website in other to determine if the applicant is eligible.

Below are some criteria considered by most property management companies. These criteria are always the same for every applicant.

Application fee

The application fee is a fee for application processing and it is paid with the submission of the application form. Most St. Louis property management companies charge between $20 and $50.

Income

A competent property management company ensures the income of a potential tenant is an income to rent ratio of 3.0, that is the monthly income is more than three times of the monthly rent. The income of an applicant could come from their current employment, pensions, and government payouts such as child support, SSI and assistance agencies. A potential tenant that cannot meet these requirements, will need a guarantor that can meet those requirements. If an applicant is on a payroll income, its best to have a paystub that is current, which will show the income for a whole year, instead of a one-time payroll slip.

Criminal Background.

A competent property service will ensure the application submitted by an applicant contains a good credit reporting service document, that will provide law enforcement records on an applicant for at least 10 years.

Eviction History

Most property management ensures that their application form contains an eviction history page so that they can determine if an applicant has had any eviction in the last 5 to 10 years.

Credit History

It important to a property management company to have a concise summary of the credit background of an applicant. Important items in the credit summary includes different number of positive and negative credit history, current collections, and past due amounts. Debt on medical bills and students loan do not have the same weights as charges from utilities and credit card that are outstanding. A good credit summary will also give a list on civil judgments, bankruptcies, etc.

Rental History

It’s important for an applicant to supply at least two years of residential history. Most property management companies ensure that a written release from a current landlord is supplied if the applicant is breaking a lease.

Applicant’s Age

The age of an applicant should be at least 18 years, and all adults that will occupy the property will be required to complete an application that is separate along with their income verification should be submitted.

Most St. Louis property management companies ensures that their application form consists of items that can disqualify an applicant, such as undisclosed criminal record, eviction by a landlord previously, false information on the application, conviction of certain crimes such as child abuse, current Bankruptcy proceedings, and so on.

These criteria listed is one of the factors used to determine if the potential tenant has a good quality and has the ability to maintain payments of rent dues in a timely manner.

]]>The Best Qualities of a Property Management Companyhttp://edwardodaniel.com/best-qualities-property-management-company/
Wed, 21 Jun 2017 14:42:38 +0000http://edwardodaniel.com/?p=35844As a real estate investor in St Louis, you cannot over stress the importance of property management in St. Louis, MO. The importance of property management companies is not new thing to landlord, sellers, buyers, tenants and anyone else. Property management is a booming business in every country worldwide. A property management company either manages…

]]>As a real estate investor in St Louis, you cannot over stress the importance of property management in St. Louis, MO. The importance of property management companies is not new thing to landlord, sellers, buyers, tenants and anyone else. Property management is a booming business in every country worldwide. A property management company either manages a property for an individual or manage their own property. These days, you need the service of a professional and efficient property management company in other to own a rental property anywhere in the world. However, not all property management companies have the same competence to help you buy a property of get a property for rent. There are some certain things for you to look at before hiring the service of property management company. Check below for the things to look at:

Reliable and ethical

When companies specialized in property management in St Louis, MO — dealing with the trust of other people’s money and trust, they need to work on their code of honor. Property management companies will need to maintain a cordial relationship with the landlord while collecting the rent, maintenance charges security fee and so on from the tenants. The property management company must be honest, while the owner entrusts his properties and money to the company. They must perform at the highest integrity level.

Local ordinances and state laws

In every place and country, there is a law guiding properties and land. The authorities usually determine the way a property can be managed. A property management company need to be current with the law affecting the management of a property, so they will be able to take the right step at the right time.

Organized and detail oriented

A property management company should ensure that the rent is paid on time and updates the tenants account as “paid” while collecting the rent. They should maintain the records containing finances, also with the details of all the transactions on the property. Also, their duty is to remind the tenants about the increase in rents, renewals of lease, expiration of lease and so on. In short, a property management company should have the ability to multitask based on priorities.

Technical competency

In the property management business, the staffs of a property management firm are expected to be competent in using of a computer along with some technical skills like driving typing and so on. They should also be in complete control of computer basics when using them. When the staffs of a property management company has computer skills, then they can efficiently handle all tasks.

Communication skills

The communication skills of the staffs of a property management company must be good, as they will have to deal with people from all different backgrounds all over the world. Hence, a property management company should be able to document cases they have in front of judges, negotiate with clients, and discuss with tenants or landlord even when their mood is bad. It’s important their clients are dealt with in a professional manner.

]]>The Importance of Secure Overnight Truck Lots in Industrial Spacehttp://edwardodaniel.com/importance-secure-overnight-truck-lots-industrial-space/
Wed, 21 Jun 2017 14:42:37 +0000http://edwardodaniel.com/?p=35848There is more to being a property manager in st louis than rent collection, bills payment, and fixing a leaky tap. Simple things such as the way the parking lot is being handled by the property manager can impact industrial operations. The fact that cargo trucks and containers get targeted by criminal, renting a property…

]]>There is more to being a property manager in st louis than rent collection, bills payment, and fixing a leaky tap. Simple things such as the way the parking lot is being handled by the property manager can impact industrial operations. The fact that cargo trucks and containers get targeted by criminal, renting a property where a secure overnight truck lot can be provided by the property manager is a very important factor for selection of sites for an industrial space in St. Louis.

Containers are one of the factors behind the various advances in logistics globally. It is easier to handle shipments of goods that are large as they are being moved using various transportation modes all over the world. Still, the use of containers for shipment is also a gift to criminals. A single unit of container can transport thousands or millions of dollars’ worth of goods of high value. These containers are easy to identify, easy to break in and also easy for someone to hide in. some containers are also simple to rapidly unpack, or easy to haul away if sitting on a trailer. When the management of a property is ineffective, it is easy for all these to happen.

The theft of cargoes is a big problem with most industrial spaces. While the National Cargo Security Council estimates theft at about $30 billion per year, the FBI estimates them at about $12 billion, the expenses in total which will include indirect costs could be high as $60 billion. Fatefully. Using of containers for shipment was developed to reduce thefts of goods in break-bulk packaging.

Although casual crime was reduced, opportunities were created for criminals that are more sophisticated to get in the pilfering of cargo business. Most thefts in the cargo business are inside jobs in which facility workers and criminals have colluded together to commit the crime.

The Role of a Property Manager

An effective practice of a property manager in st louis involves the providing a secure overnight truck lot that will deter cargo thieves from assessing the cargo and workers performing the crime themselves. Below are some of the practices that you can look for when talking to cargo facility property managers:

Employment screening. Screening diligently facility workers and contractors can help reduce the movement of criminals or individuals tempted to steal out of the facility.

Professional security staff. Parking lots in cargo facilities should be secured by security guards that are fully trained and equipped with the right tools for their jobs, which may include including firearms.

Access control. A Property Manager should provide systems that prevents unauthorized personnel from gaining access into the facility and also leaving the facility. He should provide systems that tracks the coming and going of people. More effective systems are those that include biometric identification or cameras

Lighting and cameras. A property manager should also provide at least candles of lights of about two foot to help deter crime, and should also provide closed circuit television feeds that records everything.

]]>Things to know before renting an apartment for the first timehttp://edwardodaniel.com/things-know-renting-apartment-first-time/
Wed, 21 Jun 2017 14:42:34 +0000http://edwardodaniel.com/?p=35851Renting an apartment can be exciting that’s why individuals use the services of St Louis rental property management firm to help in getting a comfortable apartment on the city. One of the few reasons why few young adults get excited when renting their first apartment is because they get to be independent and live away…

]]>Renting an apartment can be exciting that’s why individuals use the services of St Louis rental property management firm to help in getting a comfortable apartment on the city. One of the few reasons why few young adults get excited when renting their first apartment is because they get to be independent and live away from their parents and also have a place to call their own. However, deciding on the apartment to rent, there are some factors you need to consider.

Your needs

It is important to rent an apartment suitable for your needs such as an apartment on the first floor, an adult only apartment, an apartment with two bedrooms or more, an apartment with a pool and so on. Whatever your needs are, you can find a suitable apartment by hiring the service of a property management company and also listings in the newspaper or on the internet. Some management firms might even take you on a tour of the apartments available for rent. This will help you see the amenities and floor plans offered, so you will know which apartment will suit your needs

Location

Foremost, the apartment should be located in a safe and secure area. If you are a student, you may want to rent an apartment nearer to campus. You may also want your apartment near your work or near the bus or train station If you are working. It’s also advisable to deliberate if you want your apartment in a neighborhood where there are plenty children live or a much more quiet neighborhood. Also, you may want to rent an apartment that is closer to a shopping and entertainment area.

Amenities

You may also want to consider the amenities offered by the apartments. Amenities could include Wi-Fi, dishwashers, hair dryer or washer, free cable, a small patio or a balcony, etc. in the apartment. Some apartments do have laundry rooms shared by other tenants, so you can check the numbers of washers available and if the laundry room is well lit. you may also want to know if pets are allowed.

Other considerations

Even though the apartment listed is in a neighborhood that is safe and good, you should consider the buildings conditions, the sidewalks of the apartments, the doors locks, the building landscape, and so on. You will want to ensure you’re your landlord manages the property well and mow the grass and that the building of the apartment does not appear run down.

Also, try to talk to find out from the residents to know if the landlord fixes any problems that might come up promptly.

Check the lease agreement carefully to ensure that there is nothing in it that was not discussed and agreed upon.

ensure it is within your budget and can afford the rent each month.

If you are looking for an apartment for rent and want an experienced and qualified individual to find you apartment that is suitable for you rental need then hire a st louis rental property management firm.